SEATTLE, March 15, 2019 (GLOBE NEWSWIRE) — Igneous, Inc., the Seattle-based startup delivering the only Unstructured Data Management (UDM) as-a-Service solution, has raised $25 million in Series C funding led by WestRiver Group (WRG). Igneous has experienced tremendous growth and customer traction within leading data-centric enterprises across industries. With this latest round, Igneous will accelerate its mission to help organizations see, organize, protect and mobilize their most valuable data assets. WRG is joined by all existing investors, including Madrona Venture Group, NEA, Vulcan Capital and Redpoint Ventures.

Funding will be used to expand the company’s technology and go-to-market investments to further tackle the mounting issues enterprises deal with in managing, protecting and getting value from their growing volumes of unstructured data.

“The addition of the WestRiver Group is core to our mission,” said Kiran Bhageshpur, CEO of Igneous. “We believe they are the right partner to support our mission to solve our customers’ most challenging data enablement initiatives and accelerate adoption of Unstructured Data Management.”

“WestRiver Group is excited to lead this round of funding,” said Anthony Bontrager, Managing Director at WRG. “Igneous is uniquely positioned to enable enterprises to unlock the value of their datasets and simultaneously reduce their risk profile. This is a complex problem that Igneous has tackled with impressive technology services.”

80% of global enterprise data is driven from unstructured data – much of it being machine generated, high fidelity file and object data such as imaging, video, scientific and sensor data. Tools for data-centric workflows (including Machine-based Learning, HPC and EDA) for harnessing the value of this data are now accessible for mainstream enterprise adoption. But teams still face the harsh technical limitations of managing the growth and lifecycle of these datasets for best use – as reported in the 2018 State of Unstructured Data Management. Organizations partner with Igneous to remove the complexity and costs of managing their unstructured data at scale.

WestRiver Group (WRG) is a collaboration of leading investment firms that provides integrated capital solutions to the global innovation economy. The Kirkland, Wash. based company has investment platforms focusing on the technology, life science, energy, and experiential sectors, with flexibility to invest in a variety of asset classes and capital structures. WRG’s established network of partners provides access to investment opportunities and thought leadership, and deep operational expertise allows it to work closely with portfolio companies and lead at the executive and board level.

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In the emerging technological advancement and information stored, the technological landscapes tend to experience the consideration of Big Data.

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Existing investors including Madrona Venture Group, NEA, Vulcan Capital, and Redpoint Ventures also participated. Founded in 2013 by veterans of …

Igneous Systems CEO Kiran Bhageshpur (Igneous Photo)

Seattle startup Igneous has reeled in a $25 million investment round to fuel growth of its software that helps companies manage their unstructured data.

WestRiver Group led the Series C round, which pushes total funding to date to $70 million. Existing investors including Madrona Venture Group, NEA, Vulcan Capital, and Redpoint Ventures also participated. The investment values the company at around $100 million, according to PitchBook.

Founded in 2013 by veterans of Isilon Systems and NetApp, Igneous’ platform provides visibility and storage for unstructured data, or information that isn’t easily categorized, both in the cloud or on-premise.

The company’s clients span across various industries and include The Allen Institute of Brain Science, OpSec, PAIGE, Tippet Studios, Altius Institute, and Bardell. Igneous has customers in the “mid-double digits,” said CEO and co-founder Kiran Bhageshpur.

“They use Igneous to see, organize, mobilize and protect their unstructured data — and for our customers this is petabytes of mission critical, often machine generated data typically living across disparate systems onsite, offsite and in public cloud,” Bhageshpur said in an email. “Igneous helps data-centric enterprises tap into their valuable unstructured data, optimize their storage and IT resources and reduce their data risk posture.”

(Igneous Photo)

Bhageshpur said Igneous differentiates from competitors with its focus on enabling efficiency at scale and the ability to support any file or object protocol.

“Our customers are able to quickly (in days) get up and running, see all of their data, improve their backup SLAs and modernize their data protection services, surgically archive and migrate data to control tier 1 storage costs, organize their datasets for use in HPC/ML/EDA/RPA workflows … all without the need for a full-time system administrator,” he explained.

The startup employs 70 people and expects to grow headcount by more than 50 percent in 2019. Bhageshpur said new sales growth has increased by 10X over the past year.

Igneous originally sold a hardware data appliance for companies to help manage on-premises storage systems but has since expanded to develop services geared toward cloud computing.

The global big data market size is expected to reach $70 billion by 2022, according to Statista.

Bhageshpur is the former vice president of engineering in the Isilon Storage Division at EMC, having spent five years in senior engineering roles at the company. Another Isilon engineering vet, co-founder Jeff Hughes, is CTO at Igneous. The company’s third co-founder, Byron Rakitzis, was the first employee at NetApp.

Anthony Bontrager, WestRiver Group managing director, will join the company’s board as a result of the funding.

“Igneous is uniquely positioned to enable enterprises to unlock the value of their datasets and simultaneously reduce their risk profile,” he said in a statement. “This is a complex problem that Igneous has tackled with impressive technology services.”

French commercial court clerks will use a blockchain-based platform to record changes in companies’ legal status within the country.

French commercial court clerks will use a blockchain-based platform to record changes in companies’ legal status within the country. The development was revealed in an official announcement on March 14.

The blockchain network was jointly developed by IBM and the National Council of Clerks (NCC) and will reportedly be deployed starting in 2019 by the clerks operating in commercial courts across France. The blockchain platform is built on the Hyperledger Fabric framework and aims to increase transparency and efficiency in legal transactions associated with the lifecycle of companies in the registry.

Specifically, the solution will be used to record and share data related to “the exchanges of regulatory information related to companies’ difficulties,” as well as “the changes of status of the company registered on the French territory.” That includes such data as change of corporate name, registration court office, establishment of branch offices, and business dissolution.

In a pilot, NCC reportedly managed to shorten the time needed to update the registry from several days to a single day. Vincent Fournier, Senior Manager Blockchain at IBM France, said that “blockchain’s qualities are ideal for this use, improving the Clerks’ business processes and adapting to the ever-changing nature of their missions.”

IBM has released various commercial blockchain products and filed a number of blockchain-related patents. Moreover, IBM reportedly offers the greatest number of blockchain jobs, according to recent research by The Next Web.

This week, IBM partnered with blockchain consortium and credit union service organization CULedger to develop new blockchain-based solutions for the credit union industry. These solutions can reportedly improve services such as digital identity authentication, Know Your Customer compliance, lending and payments services, and other consumer processes that require authentication.

Also this month, IBM revealed two new patents targeting network security using blockchain technology and focusing on database management using the tech.